Thrive, Not Just Survive: Preparing Your E-Commerce Business for Web3
Everywhere we look these days, more and more businesses are leaning toward Web3 to revolutionize their customers’ experiences.
But how exactly will Web3 affect our e-commerce experience — both as owners and consumers?
Keep reading to learn how your online shopping experience is about to get a huge upgrade and how you can harness the power of the metaverse to engage with consumers like never before.
What Is Web3?
Web3 is the next generation of the internet. This third generation includes integrating cryptocurrency and blockchain technology, including NFTs, and taking power away from platforms and billionaire CEOs, returning ownership of the internet to the consumer.
Web3 and the Four Cs
One of the biggest advantages to Web3 and marketing in the metaverse is how it connects the four Cs:
- Context
- Commerce
- Content
- Community
When these four Cs are connected, it takes away the need for consumers to constantly hop from tab to tab, trying to find their next favorite product. Instead, the products come to them in the metaverse thanks to personalized bots.
You can think of these bots as travel agents for shopping. Your bot will know everything about you, including your size, hair color, style, and shopping preferences.
The bot will do the heavy lifting when it comes to filtering through millions of search results to show you what you want to see — no ads or irrelevant content required.
This process is known as vertical search, which focuses on a specific segment or segments of content online to bring you a truly personalized experience with no time wasted.
Because Web3’s goal is to give ownership back to consumers, you will no longer be overwhelmed with online shopping and trying to wade through millions of options.
Instead, your bot will bring you exactly what you’re looking for.
Preparing for E-Commerce in Web3
So, how can e-commerce store owners looking to thrive — not just survive — in Web3 prepare?
It’s important to play into the connection between customer values, the importance of a dedicated community, and powerful marketing. Here are some ways you can start preparing now to incorporate this innovative tech in your e-commerce store:
Accepting Crypto as Payment
There are two notable findings about consumers paying with cryptocurrency: first, 40% of buyers using crypto are purchasing from a company for the first time, and second, crypto purchasers spend twice as much as credit card users.
This shows that new users are highly trusting of paying with crypto and the security it brings.
So, the sooner you can start accepting cryptocurrency as a payment method, the more likely you will be to capture new consumers and turn them into loyal fans of your brand while also increasing the amount customers spend at your store.
NFTs and Personalization
NFTs play a key role in the metaverse by allowing users to express themselves with personal avatars, art collections, and the latest fashion and accessories. If you can start producing NFTs that showcase your products, you will master marketing in the metaverse.
Creating a really cool sneaker NFT as Nike has or a luxury handbag such as Gucci in the metaverse doesn’t just show that your brand is comfortable using innovative tech and staying on top of consumer trends, but it’s also great exposure for your products.
An Elevated Metaverse Shopping Experience
Shopping in the metaverse is not your grandmother’s shopping trip to the local mall. The metaverse unlocks endless opportunities for brands to create personalized and engaging shopping experiences.
From concerts at your metaverse storefront to pop-up shops in different metaverses to expand your reach, AR, VR, and 3D technology play a pivotal role in creating the consumer-driven shopping experience of the future.
You can leverage these technologies to gamify the shopping experience. For example, create a game or experience that users can visit and win items, like virtual merch.
These fully immersive shopping experiences allow consumers to build a lasting connection with your brand — plus, earning freebies to add to their digital wallets doesn’t hurt either!
You can also leverage AR and VR to help consumers feel as if they are viewing the items in your store in real life through virtual showrooms.
There, they can use VR and AR to try on clothes and accessories, place furniture and decor in their living spaces, and even preview products.
Web3 technology allows you to connect the best parts of IRL shopping with the personalization and engagement of the metaverse to create the ultimate customer experience.
Fifth & Cor Can Help
Fifth & Cor is a marketing and innovation company harnessing the best tools and knowledge to support your brand.
Learn more on how their team can help your brand prepare to thrive — not just survive — in Web3 through a strong metaverse marketing plan. Contact them today to learn more.
